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American Airlines upgraded as J.P. Morgan favors Big 3 over discounters

Shares of American Airlines Group Inc. took flight Monday after J.P. Morgan turned bullish, part of an airline sector rating reshuffling that now favors the Big 3 legacy carriers with more international over the domestic-focused discount airlines.

That reshuffling included downgrades of Southwest Airlines Co. and Frontier Group Holdings Inc.

“The…

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